Ghana recorded US$399.65 million in petroleum revenues between July and December 2025, according to the Semi-Annual Report on the Petroleum Holding Fund (PHF) and the Ghana Petroleum Funds (GPFs) released by the Bank of Ghana.
The revenue comprised US$198.25 million from crude oil liftings and US$201.40 million from other petroleum-related receipts, including corporate income taxes and interest earned on the PHF account.
During the period, the Ghana Group, through the Ghana National Petroleum Corporation (GNPC), lifted three crude oil parcels—the 83rd and 84th liftings from the Jubilee Field and the 18th lifting from the Sankofa Gye-Nyame (SGN) Field. Proceeds from these liftings were lower than the US$369.25 million recorded in the same period of 2024.
An expected 25th cargo from the TEN Field, valued at US$60.79 million, was scheduled for November 2025 but had not been received by the end of the year and was therefore excluded from the reported revenue.
The report indicated that US$493.40 million was distributed from the PHF during the period, exceeding total receipts for the second half of the year. Allocations included US$285.06 million to the Annual Budget Funding Amount (ABFA), US$42.63 million to GNPC for Carried and Participating Interest and Equity Financing Costs, US$115.99 million to the Ghana Stabilisation Fund (GSF), and US$49.71 million to the Ghana Heritage Fund (GHF).
In line with the Petroleum Revenue Management Act, the cap on the Ghana Stabilisation Fund remained at US$100 million. As a result, US$66.88 million was withdrawn during the period after the fund exceeded the statutory limit. The accumulated excess above the cap stood at US$74.98 million as of December 31, 2025.
Investment performance of the Ghana Petroleum Funds improved during the review period, with net realised income reaching US$28.11 million, compared to US$25.29 million in the same period of 2024. The Ghana Heritage Fund recorded a return of 2.28 per cent, while the Ghana Stabilisation Fund posted a 2.51 per cent return.
As at the end of December 2025, total petroleum fund reserves stood at US$1.55 billion, comprising US$1.38 billion in the Heritage Fund and US$174.98 million in the Stabilisation Fund.
The report noted that global economic conditions, including easing monetary policy and lower crude oil prices, influenced petroleum receipts and fund performance.
Brent crude oil prices declined during the period, reflecting weaker global demand and ongoing geopolitical uncertainties.
